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Nafees, Home Buyer in Bridgeview, IL

how do I found out that a property being sold has lien or debt on it?

Asked by Nafees, Bridgeview, IL Sat Feb 18, 2012

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Most homes tend to have liens, the most common of which is the mortgage. There can also be unpaid real estate taxes or mechanic's liens (such as a pool). This is typically eliminated and paid of at closing. The best way to find out is to consult with the title company or attorney that will conduct the closing.
0 votes Thank Flag Link Sat Feb 18, 2012
You shouldn't have to worry about that until you are in the Escrow phase:
However, if you want to avoid that complication;
you can contact a Title Company and befriend an Escrow Officer; have them do a Title Search.

If you are in an Escrow, and there is a lien, it usually has to be taken care of before the Escrow will close.
If it can't; you will have the option of dropping the deal.

Talk to your Realtor about your protections.

Good luck and may God bless
0 votes Thank Flag Link Sat Feb 18, 2012
A fancy term used in real estate is "Clean Title." It means that there are no hidden liens on or claimants to the property. If you purchase a home with a mortgage, you will be required to obtain title insurance. A title insurance company will take on the risk of problems with the title. Prior to selling you title insurance - the company performs a thorough search. Naturally, the company wants to protect itself.

If you buy with cash - chances are that you will also purchase title insurance.
0 votes Thank Flag Link Sat Feb 18, 2012
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